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TheStreet Open House

Sterlite Industries (India) Limited Unaudited Consolidated Results For The Second Quarter And Six Months Ended 30 September 2012

Sterlite Industries (India) Limited (“Sterlite” or the “Company”) today announced its results for the Second Quarter (Q2) and Half Year (H1) ended 30 September 2012.

Q2 Highlights

Operations

  • Strong integrated production of Silver and Lead at Zinc India, up 63% and 40% respectively
  • Power sales from 2,400 MW Power Plant at Jharsuguda, up 53%
  • Consistent performance at Zinc International
  • Aluminium Cost of Production maintained in the 2nd quartile of the global cost curve

Financials

  • Basic EPS up 75% at Rs. 5.2 per share
  • Strong balance sheet with cash and liquid investments of Rs. 23,334 crore

Corporate

  • Interim dividend of Rs. 1.1 per share
  • Sesa Sterlite merger expected to complete by end CY 2012
  • Contribution of over Rs. 3,000 crore to Indian exchequer in taxes, duties and royalties in H1

Consolidated Financial Performance

        Q2     Q1   H1
Particulars (In Rs. Crore, except as stated)       FY2013   FY2012  

% change YoY

    FY2013   FY2013   FY2012  

% change YoY

Net Sales/Income from operations       11,029   10,135   9%     10,591   21,620   19,961   8%
EBITDA       2,538   2,551   -     2,337   4,875   5,309   -8%
Interest expense       178   237   -25%     242   420   402   5%
Forex gain/(loss)       219   (246)   -     (217)   1   (189)   -
Profit before Depreciation and Taxes       3,416   2,724   25%     2,797   6,213   6,150   1%
Depreciation       522   446   17%     518   1,040   866   20%
Profit before Exceptional items       2,894   2,278   27%     2,279   5,173   5,284   -2%
Exceptional Items       -   30   -     -   -   34   -
Taxes       511   505   1%     334   845   1,119   -25%
Profit After Taxes       2,383   1,744   37%     1,945   4,328   4,131   5%
Minority Interest       579   503   15%     577   1,156   1,145   1%
Share in Profit/(Loss) of Associate       (61)   (243)   75%     (167)   (227)   (349)   35%
Attributable PAT after exceptional item       1,743   998   75%     1,202   2,944   2,638   12%
Basic Earnings per Share (Rs./share)       5.2   3.0   75%     3.6   8.8   7.8   12%
Exchange rate (Rs./$) – Average       55.2   45.8   21%     54.2   54.7   45.3   21%
Exchange rate (Rs./$) – Closing       52.7   48.9   8%     56.3   52.7   48.9   8%

Strong production and sales volumes of silver and lead at Zinc India, commercial power at Sterlite Energy Limited (SEL) and refined copper at Copper India generated revenues of Rs. 11,029 crore in Q2, up 9% year-on-year and Rs. 21,620 crore in H1, up 8% year-on-year. The fall in metal prices was largely offset by the depreciation of the Indian Rupee.

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